The Federal Budget for 2014 will see big cuts to Foreign Aid, higher prices at the petrol pump, and tertiary students could be set to pay more as Universities will be able to set their own tuition fees from 2016.

Up to $20 billion is expected be raised for a medical research fund by 2020, but this is thanks to a co-payment of $7 for a visit to the GP - which was previously free on Medicare.

This year could be tough on for families, with family assistance rates on hold for two years, and a freeze on thresholds for private health insurance rebates, though the paid parental leave scheme is set to go ahead with a reduced income cap of $100,00.

- Defence: The Government is bringing forward $1.5 billion in spending from 2017-18 to earlier years

- Mining: The Government will provide $100 million over 4 years for minerals exploration

- Ballerinas: $1million for ballet students' boarding accommodation

LOSERS- Sick people: new $7 co-payment to see a doctor; Pharmaceutical Benefits Scheme co-payment increased for medicines over $42.70; states and territories authorised to charge fee for GP-type emergency department visits

- Families: assistance rates frozen for two years; freeze on thresholds for private health insurance rebate; Family Tax Benefit B threshold capped at $100,000 income and limited to families where youngest child under six years of age

- Pensioners: retirement age to increase to 70 by 2035; pension increases slowed by indexing to inflation instead of wages, plus Commonwealth Seniors Health Card holders will lose the Seniors supplement, which currently sits at $876.20 per year for singles or $1320.80 for couples

- High-income earners: people on $180,000 plus paying additional 2 per cent income tax for three years

- Public broadcasting: The ABC and SBS will lose 1 percent of their annual funding over the next four years, and the ABC has also lost the contract for Australia Network, saving the Government $196 million over nine years

- Unemployed people: under 25s to get Youth Allowance, not Newstart; under 30s face six month wait for benefits and must work for the dole

- Retirees: Untaxed super income included in test for new recipients of Seniors Health Card. Annual seniors supplement abolished from July 1 2014

- Motorists: increase in petrol excise and indexation reintroduced to raise $2.2 billion over four years

- Public service: 16,500 job cuts in next three years, plus an increase the efficiency dividend by 0.25 per cent

- Science: Cuts totaling $147 million over four years at CSIRO, Australian Nuclear Science and Technology Organisation and Australian Institute of Marine Science loses

- Poor nations: foreign aid growth cut by $7.9 billion over five years, accounting for almost a third of all spending cuts

- Clean energy: Australian Renewable Energy Agency abolished, saving $1.3 billion over five years from 2018; $460 million over three years cut from Carbon Capture and Storage Flagships research program

- Education: The Government will dump the Gonski school funding plan in 2017-18, saving around $30 billion

- Indigenous people: $500million worth of cuts to indigenous programs over five years